ATWOOD OCEANICS, INC. 
By HOUSTON, May 1, 2012 /PRNewswire/ -- Atwood Oceanics, Inc., announced today that the Company earned net income of $59.5 million or $0.90 per diluted share, on revenues of $171.6 million for the quarter ended March 31, 2012 compared to net income of $65.5 million or $1.00 per diluted share on revenues of $184.7 million for the quarter ended December 31, 2011 and compared to net income of $70.6 million or $1.08 per diluted share, on revenues of $159.1 million for the quarter ended March 31, 2011. For the six months ended March 31, 2012, the Company earned net income of $124.9 million or $1.90 per diluted share, on revenues of $356.3 million compared to net income of $123.5 million or $1.89 per diluted share, on revenues of $305.4 million for the six months ended March 31, 2011.
FOR THE THREE MONTHS ENDED
(In thousands)
March 31, 2012 December 31, 2011 March 31, 2011
-------------- ----------------- --------------
Revenues $171,621 $184,672 $159,085
Income before
Income Taxes 63,492 77,931 90,485
Provision for
Income Taxes (4,026) (12,463) (19,874)
------ ------- -------
Net Income $59,466 $65,468 $70,611
======= ======= =======
Earnings per
Common Share -
Basic 0.91 1.01 1.09
Diluted 0.90 1.00 1.08
Weighted
Average Shares
Outstanding -
Basic 65,276 65,024 64,720
Diluted 65,781 65,541 65,409
FOR THE SIX MONTHS ENDED
JUNE 30,
(In thousands)
March 31, 2012 March 31, 2011
-------------- --------------
Revenues $356,293 $305,371
Income before
Income Taxes 141,423 153,726
Provision for
Income Taxes (16,489) (30,264)
------- -------
Net Income $124,934 $123,462
======== ========
Earnings per
Common Share -
Basic 1.92 1.91
Diluted 1.90 1.89
Weighted
Average Shares
Outstanding -
Basic 65,150 64,624
Diluted 65,660 65,297
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended March Six Months Ended March
31, 31,
------------------------ -----------------------
2012 2011 2012 2011
---- ---- ---- ----
REVENUES:
Contract drilling $171,621 $159,085 $356,293 $305,371
-------- -------- -------- --------
COSTS AND EXPENSES:
Contract drilling 79,342 50,402 157,686 108,746
Depreciation 15,406 8,794 30,769 17,596
General and administrative 11,552 9,074 25,646 24,738
Other, net 863 (16) 863 (77)
--- --- --- ---
107,163 68,254 214,964 151,003
------- ------ ------- -------
OPERATING INCOME 64,458 90,831 141,329 154,368
------ ------ ------- -------
OTHER INCOME (EXPENSE)
Interest expense, net of capitalized
interest (1,080) (459) (1,683) (1,137)
Interesr Income 114 113 200 495
Other - - 1,577 -
--- --- ----- ---
(966) (346) 94 (642)
---- ---- --- ----
INCOME BEFORE INCOME TAXES 63,492 90,485 141,423 153,726
PROVISION FOR INCOME TAXES 4,026 19,874 16,489 30,264
----- ------ ------ ------
NET INCOME $59,466 $70,611 $124,934 $123,462
======= ======= ======== ========
EARNINGS PER COMMON SHARE:
Basic 0.91 1.09 1.92 1.91
Diluted 0.90 1.08 1.90 1.89
AVERAGE COMMON SHARES OUTSTANDING:
Basic 65,276 64,720 65,150 64,624
Diluted 65,781 65,409 65,660 65,297
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
ANALYSIS OF REVENUES AND DRILLING COSTS
(Unaudited)
FOR THE THREE MONTHS ENDED
MARCH 31, 2012
CONTRACT
DRILLING
REVENUES COSTS
-------- -----
(In Millions)
Atwood Hunter $50.6 $13.6
Atwood Osprey 38.5 16.3
Atwood Eagle 35.1 14.6
Atwood Falcon 14.1 12.2
Atwood Aurora 13.0 8.4
Atwood Beacon 11.5 8.5
Vicksburg 8.8 5.1
Other - 0.6
--- ---
$171.6 $79.3
====== =====
FOR THE SIX MONTHS ENDED
MARCH 31, 2012
CONTRACT
DRILLING
REVENUES COSTS
-------- -----
(In Millions)
Atwood Hunter $95.3 $25.9
Atwood Osprey 79.4 32.2
Atwood Eagle 70.6 32.8
Atwood Falcon 44.4 20.4
Atwood Aurora 25.7 17.2
Atwood Beacon 23.0 15.9
Vicksburg 17.9 10.4
Other - 2.9
--- ---
$356.3 $157.7
====== ======
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED SELECTED BALANCE SHEET DATA
(In thousands)
MARCH 31, SEPTEMBER 30,
2012 2011
---- ----
CASH AND CASH EQUIVALENTS $131,627 $295,002
NET PROPERTY AND EQUIPMENT $2,187,471 $1,887,321
LONG-TERM DEBT $600,000 $520,000
SHAREHOLDERS' EQUITY $1,785,334 $1,652,787
Atwood Oceanics, Inc. is an international offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns ten mobile offshore drilling units located in the United States Gulf of Mexico, South America, the Mediterranean Sea, West Africa, southeast Asia and Australia, and is constructing an ultra-deepwater semisubmersible, two ultra-deepwater drillships and three high-specification jackups for deliveries in 2012, 2013 and 2014. The company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc. ordinary shares are traded on the New York Stock Exchange under the symbol "ATW".
SOURCE Atwood Oceanics, Inc.
